Macau casino giant Galaxy Entertainment Group expects “double-digit” growth in gaming revenue this year, said Vice Chairman Francis Lui, who took the opportunity during a celebration marking Galaxy’s 10th anniversary to express confidence in the territory’s gaming market.
Despite Macau’s casino revenue falling in June for the first time in five years, Lui told local media he is optimistic about the market and Galaxy’s prospects.
“We still think that Macau has a bright future ahead for the mid- and long term,” he said. “We feel that Macau has all the factors available for us to continue to perform well. I have no doubt about that.”
Galaxy saw its revenue increase by 33 percent year on year to HK$20.2 billion for the first quarter, while the group’s adjusted EBITDA rose by 38 percent to HK$3.8 billion on strong performances by both the mass and VIP segments.
Lui noted that the Phase 2 expansion of the company’s flagship Galaxy Macau on Cotai is on track to open by mid-2015. Galaxy is spending HK$19.6 billion on the expansion, which Chairman and founder Lui Che Woo, Lui’s father, expects will grow its net profit by 40-50 percent.
In all, Galaxy has dedicated $60 billion to Galaxy Macau’s expansion, which is planned for completed in two more phases in 2016 and 2018.
